Get started with your Digital Wallet

Let us answer your questions

• Understanding JAM-DEX / CBDC
  • What is JAM-DEX?

    1. JAM-DEX is Jamaica’s Central Bank Digital Currency (CBDC), a digital form of Jamaican dollars issued by the Bank of Jamaica. It is money issued by Bank of Jamaica (BOJ) in digital form.

  • Is JAM-DEX real money?

    1. Yes.  It is legal tender and has the same value as physical Jamaican cash

  • Is JAM-DEX the same as cryptocurrency?

    1. No. JAM-DEX is issued and regulated by the Bank of Jamaica. JAM-DEX is the digital version of the currency of the country.

  • Do clients need a bank account to use JAM-DEX?

    1. No.  Clients can use a JAM-DEX wallet without a bank account.

  • Does JAM-DEX earn interest?

    1. No.  JAM-DEX wallet balances do not earn interest.

  • Does JAM-DEX replace cash?

    1. No.  It complements cash as an additional payment option.

  • Is there a cost to open a digital wallet?

    1. No. the wallet setup or processing transactions using a digital wallet is free. You don’t even have to put money in your wallet when you open it.

  • Are there any fees associated with using the JAM-DEX Wallet?

    1. No.  JAM-DEX is completely free to use; there are no fees charged by the bank to use the CIBC Caribbean JAM-DEX wallet.

• Getting Started / Registration
  • How does a client create a wallet?

    1. Download the CIBC Caribbean Mobile Wallet from the Apple App store (IOS) or Google Play store (Android), register using your mobile number or email, verify with One-time passcode (OTP), and create your PIN.

  • What information is required to register?

    1. For CIBC account holders:

       • CIBC account number
       • Mobile number

       Non-CIBC Account holders require basic personal details such as;

       • Name
       • Address
       • TRN
       • Valid government-issued photo ID
  • Can non-CIBC Caribbean clients sign up for the JAM-DEX Wallet?

    1. Yes. Non-account holders can register using either their Passport or Driver’s License.

  • What if the client does not receive One Time Passcode (OTP)?

    1. During the registration process, clients will receive a OTP to verify their phone number, if the OTP is not received, they should check their network connectivity and retry.

  • What should unbanked/non- CIBC account holders do if document or ID upload fails?

    1. They will be guided to re-upload their ID documents in the app.

• Wallet Usage & Navigation
  • What can clients do from the home screen?

    1. View balance, send money, scan QR codes, add funds, and access support.

  • What is the wallet ID?

    1. It is typically the registered mobile number or QR identifier.

  • How can a client view their balance?

    1. The balance is displayed on the wallet home screen.

• Funding the Wallet
  • How can clients add money to their wallet?

    1. CIBC Caribbean clients can:

       • Top up their wallet via an account transfer.
       • Via Wallet-to Wallet Transfer

       Non – CIBC Caribbean clients can do so by:

       • Receiving JAM-DEX via a wallet-to wallet transfer.
  • Can clients move JAM-DEX from their wallet to their bank account?

    1. Yes.  Clients can transfer JAM-DEX from their wallet to their account.

  • Are there fees for adding money?

    1. No.  Standard JAM-DEX transactions currently do not attract fees.

  • How long does it take for funds to appear?

    1. Funds usually appear instantly.

• Payments & Transfers
  • How do clients send money?

    1. If you are a CIBC Caribbean client sending JAM-DEX to another CIBC Caribbean client JAM-DEX can be sent with the use of the client’s mobile number.

        

       If you are a CIBC Caribbean Account holder sending JAM-DEX to a wallet holder at another institution, JAM-DEX must be sent via the recipients QR Code.

       Then Enter recipient details or scan QR, enter amount, and confirm with PIN.

  • Can clients use QR codes to pay?

    1. Yes. QR codes are supported for sending JAM-DEX between wallets, however merchants’ availability depends on the merchant.

  • What if the recipient is not found?

    1. The recipient may not be registered; verify details or ask them to register.

  • Can clients send money to non-wallet users?

    1. No. Both parties must have JAM-DEX wallets.

  • Are transactions instant?

    1. Yes. Wallet-to-wallet transfers are typically instant.

  • Can clients receive payments any time?

    1. Yes. Transactions can occur 24/7, 365 days.

• Usage & Availability
  • Where can JAM-DEX be used?

    1. Anywhere in Jamaica with other JAM-DEX wallet users.

  • Do clients need internet/data to use it?

    1. Yes. Data/Wi-Fi may be required to complete transactions.  

  • Can JAM-DEX be used internationally?

    1. No. JAM-DEX is only usable within Jamaica.

  • Can merchants accept JAM-DEX online?

    1. This is an initiative that will be pursued at a later date.  A merchant can however sign-up for an individual JAM-DEX wallet to perform their personal JAM-DEX transactions. You can send from your wallet to a merchant’s personal wallet if they also have a JAM-DEX wallet.

• Cashing Out / Conversions
  • Can funds be transferred back to a bank account?

    1. Yes.  Clients can send funds from wallet to account.

• Fees & Limits
  • Are there transaction fees?

    1. No.  JAM-DEX transactions are free.

  • Are there transaction limits?

    1. Yes! If you are a CIBC Caribbean account holder:

       • Your daily limit for JAM-DEX Wallet transactions is USD20,000.00
       • Your transaction limit is USD 10,000.00

       If you are a non-CIBC Caribbean account holder

       • Your daily limit for JAM-DEX Wallet transactions is USD1,000.00
       • Your transaction limit is USD250.00
• Security & Privacy
  • Is JAM-DEX secure?

    1. Yes. It uses strong cybersecurity protection.

  • Who can see client transactions?

    1. Only the wallet provider. Transactions not tracked. Legal permission needs to be obtained by a court before tracking a client’s transaction.

  • Can clients be hacked?

    1. Security controls are in place to reduce this risk.

  • What should clients do if they suspect fraud?

    1. Client should use the “Report Transaction” functionality within the application.

  • Should client share their Personal Identification Number (PIN)?

    1. No. PINs must never be shared.

• Errors, Issues & Troubleshooting
  • What happens if a transaction fails?

    1. Clients should retry or check transaction history before performing the transaction a second time.

  • What if the balance is not updating?

    1. Refresh the app or review transaction history.

  • What if money is sent to the wrong number?

    1. Clients should use the “Report Transaction” functionality within the application, as transactions are final and are not reversible. However, clients should contact their branch when recovery is necessary.

  • What if the app crashes?

    1. Clients should see if an update is pending or can delete and reinstall the app, without losing their wallet information.

• Disputes & Support
  • How can a client dispute a transaction?

    1. A client must use the “Report Transaction” function found within the transaction history feature of the CIBC Caribbean JAM-DEX Wallet Application.

  • How long do disputes take to resolve?

    1. CIBC Caribbean has a standard Service Level Agreement (SLA) to respond to the client within 5 business days & resolution can take up to 40 business days.

  • How will clients receive updates on disputes?

    1. Via Short Message Service (SMS) or email notifications.